SPAL
S. P. Apparels share price & financials
- Price
- ₹1,028.4
- Market cap
- ₹2.4k Cr
- Sector
- Textiles
- Calls analysed
- 6
S. P. Apparels Limited Q1 FY27
What went well
- Consolidated EBITDA grew 15.9% YoY to INR 61.4 crores, with margin expanding to 15.3%.
- Consolidated PAT grew 20.4% YoY to INR 24.9 crores.
- SPUK revenue surged 125.2% YoY to INR 33.3 crores, driven by improved customer traction.
What to watch
- Consolidated revenue remained broadly stable YoY at INR 401 crores (slight decline from INR 403 crores).
- Q1 FY27 was relatively soft due to US tariff impact and spillover of orders/shipment schedules.
What S. P. Apparels Limited does
S.P. Apparels Limited manufactures and exports knitted garments for infants and children to reputed international brands and retailers, operating fully backward-integrated facilities that cover spinning, knitting, dyeing, cutting, printing, embroidery and garment stitching under one chain. Through subsidiary Young Brand Apparel it also manufactures and exports women's intimate wear, largely to US customers. In India it runs a domestic retail business under the Crocodile menswear brand and is expanding the UK-origin Angel & Rocket kidswear brand, while S.P. Apparels (UK) provides design and sourcing support from London. The company has also set up manufacturing operations in Sri Lanka to diversify its production base.
Segments
- Garment Export Division (Knitted Garments)
- S.P. Retail (Retail Division)
- S.P. Apparels (UK) - SPUK
- Employee strength
- ~14,000
- Manufacturing integration
- Fully backward-integrated chain: spinning, knitting, dyeing, cutting, printing, embroidery and garment stitching (fibre to fashion)
- Manufacturing locations
- Multiple integrated factories in Tamil Nadu (Avinashi, Neelambur, Thekkalur, Perundurai) near the Tirupur knitwear hub, plus a facility in Sri Lanka and new units coming up at Salem and Sivakasi
- Installed sewing capacity (India)
- ~4,000 machines
- Subsidiaries
- 5 - Crocodile Products Pvt Ltd, S.P. Apparels (UK) Pvt Ltd, S.P Retail Ventures Ltd, Young Brand Apparel Pvt Ltd, S.P Apparels International Pvt Ltd (Sri Lanka)
- Market position
- Leading global exporter of knitted infant and children's wear
Guidance record · Q1 FY27
what the last two calls moved 21 tracked 2 delivered 5 missed 14 open- SPUK EBITDA delivered said Q4 FY25 Promised: turn around to be profitable one in FY26 Q1 FY27: Promise concluded and achieved in FY26. SPUK reported a small loss in Q1 FY27 due to shipment timing.
- Consolidated EBITDA Margin missed said Q4 FY25 Promised: average of 18% EBITDA as a consolidation Q1 FY27: Promise concluded in FY26. Final FY26 margin was 13.8%, missing the revised 15% target. New guidance for FY27 is tracked separately.
- Total Machine Capacity revised up said Q4 FY25 Promised: 7,500 machines by end of FY26 Q1 FY27: Management now states a potential for 10,000 machines over the next 2-3 years, an upward revision from the 9,100 target for FY27. Added 750 machines in the current FY.
All 21 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 5.2%, net profit up 35.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 256 | 234 | 278 | 290 | 308 +20% | 264 +13% | 252 −9% | 275 −5% |
| EBITDA | 40 | 39 | 46 | 45 | 54 +35% | 40 +3% | 43 −7% | 47 +4% |
| Net profit | 18 | 18 | 25 | 20 | 27 +50% | 19 +6% | 21 −16% | 27 +35% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +34.2% 1Y
1Y: ₹762.5 on 10 Sept 2025 → ₹1,023. High ₹1,178.6 (9 Jul 2026), low ₹608.85 (21 Jan 2026).
How the price took the results
close before → close after
- Q1 FY27
- −1.6%
- 13 Aug
- Q4 FY26
- +1.7%
- 22 May
- Q3 FY26
- +6.2%
- 13 Feb
- Q2 FY26
- +5.3%
- 17 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 2.4% a year over 3 years, FY23 to FY26. Operating margin widened to 16.3%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.0k Cr | ₹948 Cr | ₹982 Cr | ₹1.1k Cr |
| Operating profit | ₹146 Cr | ₹168 Cr | ₹162 Cr | ₹182 Cr |
| Operating margin | 14.1% | 17.7% | 16.5% | 16.3% |
| Interest | ₹21 Cr | ₹13 Cr | ₹20 Cr | ₹27 Cr |
| Depreciation | ₹35 Cr | ₹36 Cr | ₹36 Cr | ₹42 Cr |
| Net profit | ₹85 Cr | ₹104 Cr | ₹84 Cr | ₹87 Cr |
| Net margin | 8.2% | 11.0% | 8.6% | 7.8% |
| Cash from operations | ₹227 Cr | ₹98 Cr | ₹43 Cr | ₹169 Cr |
| Free cash flow | ₹180 Cr | ₹46 Cr | ₹-32 Cr | ₹76 Cr |
| ROCE | 16.0% | 16.0% | 13.0% | 13.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹26 Cr | ₹26 Cr | ₹25 Cr | ₹25 Cr | ₹25 Cr | ₹25 Cr |
| Reserves | ₹526 Cr | ₹604 Cr | ₹650 Cr | ₹754 Cr | ₹873 Cr | ₹914 Cr |
| Borrowings | ₹181 Cr | ₹205 Cr | ₹190 Cr | ₹128 Cr | ₹405 Cr | ₹290 Cr |
| Other liabilities | ₹150 Cr | ₹166 Cr | ₹139 Cr | ₹139 Cr | ₹224 Cr | ₹145 Cr |
| Total liabilities | ₹883 Cr | ₹1.0k Cr | ₹1.0k Cr | ₹1.0k Cr | ₹1.5k Cr | ₹1.4k Cr |
| Fixed assets | ₹438 Cr | ₹434 Cr | ₹439 Cr | ₹434 Cr | ₹688 Cr | ₹542 Cr |
| Capital work in progress | ₹10 Cr | ₹8 Cr | ₹10 Cr | ₹19 Cr | ₹10 Cr | ₹4 Cr |
| Investments | ₹8 Cr | ₹11 Cr | ₹175 Cr | ₹114 Cr | ₹25 Cr | ₹242 Cr |
| Other assets | ₹427 Cr | ₹549 Cr | ₹381 Cr | ₹480 Cr | ₹805 Cr | ₹587 Cr |
| Total assets | ₹883 Cr | ₹1.0k Cr | ₹1.0k Cr | ₹1.0k Cr | ₹1.5k Cr | ₹1.4k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +4.23 pp while DIIs trimmed −3.77 pp. The shareholder count grew 3% to 17,353.
- Promoters
- 61.8%
- FIIs
- 1.5%
- DIIs
- 16.1%
- Public
- 20.6%
Since Jun 2025
- Public +4.23 pp
- DIIs −3.77 pp
- FIIs −0.34 pp
How it drifted, 12 quarters
Over this window the public went from 18.1% to 20.6% — +2.4 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 61.9%, FIIs 1.5%, DIIs 18.5%, Public 18.1%.Dec '23: Promoters 61.9%, FIIs 1.4%, DIIs 19.1%, Public 17.6%.Mar '24: Promoters 61.9%, FIIs 1.5%, DIIs 18.9%, Public 17.7%.Jun '24: Promoters 61.9%, FIIs 1.6%, DIIs 19.3%, Public 17.2%.Sep '24: Promoters 61.9%, FIIs 1.6%, DIIs 19.6%, Public 16.9%.Dec '24: Promoters 61.9%, FIIs 1.8%, DIIs 19.8%, Public 16.4%.Mar '25: Promoters 61.9%, FIIs 1.8%, DIIs 19.7%, Public 16.6%.Jun '25: Promoters 61.9%, FIIs 1.8%, DIIs 19.9%, Public 16.3%.Sep '25: Promoters 61.9%, FIIs 1.5%, DIIs 19.8%, Public 16.8%.Dec '25: Promoters 61.9%, FIIs 1.8%, DIIs 18.7%, Public 17.5%.Mar '26: Promoters 61.8%, FIIs 1.5%, DIIs 16.6%, Public 20.1%.Jun '26: Promoters 61.8%, FIIs 1.5%, DIIs 16.1%, Public 20.6%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- UTI Aggressive Hybrid Fund Mutual fund +0.05 pp 1.99% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of S. P. Apparels Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Perumal Sundararajan | 49.88% | unchanged |
| Sundararajan Latha | 11.78% | unchanged |
| DSP Small Cap Fund Mutual fund | 7.68% | unchanged |
| Quant Mutual Fund - Quant Small Cap Fund Mutual fund | 3.20% | unchanged |
| UTI Aggressive Hybrid Fund Mutual fund | 1.99% | +0.05 pp |
| Mahindra Manulife Manufacturing Fund Mutual fund | 1.40% | −0.22 pp |
| Euro Asia Agencies Limited | 1.37% | unchanged |
| Sundararajan Chenduran | 0.11% | unchanged |
| Shantha Senthil | 0.04% | unchanged |
| SP Lifestyle | 0.00% | unchanged |
| S P Superfine Cotton Mills Private Limited | 0.00% | unchanged |
| S.P Retail Brands Limited | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse S. P. Apparels Limited
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